Chieftain International, Inc. has entered into an agreement with Gulfstream Resources Canada Ltd. and its wholly-owned subsidiaries giving Chieftain the option to acquire 50 percent of Gulfstream's petroleum and natural gas interests in the Middle East state of Qatar.
The option is exercisable for a term of three months, which may be extended for an additional three months in certain circumstances. It is subject to other terms and conditions including government and partner approvals.
Gulfstream's interests in Qatar include a 42.5 percent interest in the 1976 Exploration and Production Sharing Agreement which in turn includes the Al Rayyan oil development area and a 27.5 percent interest in the 1997 Block 11 Exploration and Production Sharing Agreement.
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